Your best bet is to use a good real estate agent in the area.

To be safe, allocate 20-25% against the gross income for both properties and then use the remaining numbers as the true NOI. 

I don't know what the availability of MF is like in the Bay Area but I bet the loan limits are higher.

All bets are off in the retail space right now and if you loose a tenant like a Walgreens or CVS or restaurant they can be difficult to fill and expensive to upfit for a new tenant.

Context:Traditionally you had to go down to a 15YF for the rate to be any lower than a 30YF, so people would do one of those two, and you never saw people do 20YF.A lot of banks are now discounting the rate if you go for the 20YF option, which we've been doing a tad bit more of in response to.The thinking behind the traditional 15YF discount was "heh, good luck freaking qualifying for it.... but if you have the income and DO qualify for it, it's probably a super safe loan, here's a discount on the rate." 

What are the other safe neighborhoods that you would recommend for rental properties?

The facility is in NC. 152 unitsYour best bet would be a local bank or private investor.

I think your ambitions and goals are admirable and realistic but I really want to caution you against hedging all of your bet into one property and not having the emergency funds that are needed.

I will bet they ask you to take less commission on their property.

They might opt to stay but I'd bet they will not be happy and will not make pleasant neighbors.